Nanjing's Jinling Petrochemical Corp, which merged with four petrochemical enterprises in Jiangsu last year, is seeking to raise funds from the stock market, according to officials. President Wu Ruilin said yesterday preparatory work had started but he he did not give the listing venue. Mr Wu said the company would need about two billion yuan (about HK$1.86 billion) for its investment plans over the next three years. The company, part of the China Eastern United Petrochemical Group (CEUPEC), said the funding was crucial to boost refining capacity to 10 million tonnes from seven million tonnes and expand output of chemical fertilisers from 520,000 tonnes to 600,000 tonnes by 2000. Its assets are worth 8.3 billion yuan, according to Mr Wu, half of which would be included in the listed vehicle. Yangzi Petrochemical Corp - also part of the CEUPEC - said the formation of two fully integrated petroleum and petrochemical groups would begin next month under an industry restructuring announced during the National People's Congress in March. Yangzi Petrochemical vice-president Zhu Guoliang said the entire CEUPEC - the mainland's first cross-ministry merger - would be absorbed into the southern company. China Petrochemical Corp will be charged with the responsibility of forming the southern group, while China National Petroleum Corp would chair the northern group.